F1 faces potential $168m fine?

F1 is inching closer to a full investigation by the European Commission.

That is the claim of London's Times newspaper, revealing that politicians want the body to look into how prize money is distributed, tax arrangements, and the FIA's financial windfall as a result of the Liberty Media buyout.

In the parliament's latest competition report, politician Anneliese Dodds "calls for an immediate investigation into competition concerns arising from the formula one motor sport industry".

That has now been backed by the parliament's committee on economic and monetary affairs "and is expected to be voted through", Times correspondent Rebecca Clancy reveals.

"The Commission is under no obligation to launch an investigation, but a successful vote would increase the pressure on it to do so," she added.

Clancy said one possible outcome for F1 is a fine of $168 million.

"We must ensure that we don't allow a sport loved by 500 million fans to become increasingly less competitive," British politician Dodds said.